International investor group Veremonte has sent out an invitation to Melco International Development Ltd., to take part in and operate a proposed $1 billion gaming and leisure project that will rise in Barcelona, Spain.
The project, which is being organized by Veremonte, is called “Barcelona World”, and is being proposed as a project that will eventually consist of six world-class resorts with 12,000 total hotel rooms, six casinos, and leisure and dining establishments.
According to the Macau Business Daily, Melco International was approached to operate the first resort in the project, called Barcelona Dream. “Melco International Development Limited is happy to be invited by Veremonte to take part in the Barcelona World project as casino operator,” the Hong Kong-listed company said in a statement.
“In the coming months, we shall continue to work with Veremonte on the definitive casino management agreement and shall make announcement when the agreement is signed.”
As part of the proposal, the Melco Group, which will be led by Lawrence Ho Yau Lung will have two local partners – Meliá hotel group and a firm called Value Retail – in the Barcelona Dream casino project. All told, the casino will be built on 300,000 square meters of land and has been suggested to come with a total of 1,100 hotel beds, a casino, and a theater. Target date of operation has been pegged in 2016 and will cost 766 million euros. an amount that will supposedly be split equally between bank debt and equity.
With Madrid outpointing Barcelona as the proposed site of Las Vegas Sands’ extravagant EuroVegas project, it certainly looks like the Catalan capital isn’t sitting idly as its rival enjoys the spoils of being picked by LVS. The Barcelona World project isn’t going to be as lavish as EuroVegas, but at least it’s giving that region something to look forward to as far as employment opportunities and economic gains are concerned, two things that Barcelona and the entire country for that matter need so desperately.